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Sounds like it could be some kind of mod_security or suhosin configuration setting that isn't allowing it in the POST. Can you save an iframe of any kind in any resource or element?
I have ran into similar issues on some hosting while trying to include curl in a post, this is a security on the server, whether you need to contact them to get instructions how to disable that, OR put any placeholder and save, then replace the placeholder with your iframe using phpmyadmin